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Montan Mining Acquiring Operational Gold Mine & Plant in Peru in All Share Transaction - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2016) - Montan Mining (TSXV: MNY) (F...
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[{"type":"text","content":"Montan Mining Acquiring Operational Gold Mine & Plant in Peru in All Share Transaction - Video News Alert on Investmentpitch.comVancouver, British Columbia--(Newsfile Corp. - July 20, 2016) - Montan Mining (TSXV: MNY) (FSE: S5GM) (SSE: MNYC) is acquiring an operational gold mine and plant in southern Peru, approximately 650 kilometres southeast of Lima, in an all share transaction.Cannot view this video? Visit:https://www.youtube.com/watch?v=VT1NhJw0G9MInvestmentPitch.com has produced a \"video news alert\" which discusses this news. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Montan\" in the search box. It is also available on YouTube (click here).The 1,172 hectare project consists of 32 identified veins, 2 kilometres of underground development and a 60 tonne per day carbon-in-pulp cyanidation plant permitted up to 100 tonnes per day. The plant includes a standard course and fine crushing circuit, two ball mills, a leaching circuit with 5 tanks in series, and a lined tailings pond. There is also a 43 person refurbished camp located on the site.The mine has seen extensive development since 2012, with more than US$4 million invested into the project. Upon execution of the sale, Montan will issue 10 million shares, which will initially be held in escrow, with 2 muillion shares released every 3 months. The company will issue an additional 2 million shares upon the sale of 1,000 ounces of gold from the property, and another 2 million shares upon the sale of an additional 2,000 ounces of gold from either the mine or the plant. Montan will assume all operating expenses during a period of continued due diligence, commencing on July 25th, 2016. Montan will also assume approximately US$300,000 of debt owed by the vendor which will be settled through the issuance of shares, along with other costs than Montan will assume. The company has 3 months to inspect the assets before committing to execution of the sale. For complete details, please refer to the news release on Sedar.Ian Graham, CEO, stated: \"The acquisition of a compelling small scale gold mine, strategically located in an area developed by both artisanal and larger scale commercial scale gold miners offers a springboard for growth and the creation of shareholder value. Seven kilometers north of Cerro Dorado is the closest comparable, Mina Calpa, ...